$CRYPTO
Heating UpSnapshot Window: 2026-07-22 22:50 UTC · ← Back to Crypto Overview
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Looks like we are so back… builders check this out [Spoken audio]: It's a dispiriting moment in crypto. Prices are down, hot narratives have fallen flat, and many builders are leaving. It sounds crazy, but a Y Combinator weren't more optimistic than ever. We've invested in more than a hundred crypto startups, but we expect that number to go up a lot. Eventually, we expect every YC startup to use crypto rails, from capital raising to payments. The most will probably never even know about it. Here's why we're bullish. Many YC-funded fintechs, way outside crypto, are building with it, like deal and gusto. Regulatory clarity is finally here. Stablecoins are being adopted by every major financial institution, tokenized stocks, transforming trading. Projects like Hyperliquid, with a tiny team, are making stock exchanges squeamish about their edge. And it feels inevitable that agents are going to use crypto networks as financial rails. This is importantly, bear markets let the real projects build and thrive, while bull markets are the worst time to build. In crypto, prices are really decoupled from reality. In bear markets, you don't need to compete with a criminal offering infinite yield. They attract a different type of founder, more focused on building and getting an early liquidity event. We funded major teams building in crypto like Stripe, Coinbase, and Axiom, but also lots of infrastructure and bets in the future. For example, Blind Pay and Infinea are building the developer interface and ramps for Latin America. Spora is building the easiest way to transfer money to India using stablecoins. Just some of the things we're excited about are capital raising, new stablecoins and stablecoin applications, agenda commerce, trading, institutional products, and scalable and private blockchains.